DUMBO is a very popular and blossoming neighborhood in Brooklyn, and that means that the price of living there has gone up over the years. This guide will teach you everything you need to know if you want to buy an apartment in DUMBO.
DUMBO has become one of the most popular parts of Brooklyn but it still remains a hidden treasure for many. In fact, many people in New York don’t even know where this region of town got its name from.
The truth is that DUMBO stands for “Down Under the Manhattan Bridge Overpass.” The idea of living near one of the most popular and busy bridges in the country might not sound appealing to some, but it’s actually one of the best neighborhoods in town. That is why finding an apartment for sale in DUMBO or the act of buying a condo in DUMBO or buying a co-op in Dumbo is harder than ever for some.
Once a best-kept secret, DUMBO has become more and more popular, especially over the last few years during the COVID-19 pandemic. But DUMBO isn’t the cheapest part of town, and demand for nearly any apartment, townhouse, or penthouse in the area has skyrocketed seemingly overnight. Therefore, you need to know what you’re getting into when you start house-hunting in this region. There are many things to keep in mind and look out for, which is true when you’re attempting to make a home in any part of Brooklyn.
Let’s have a deeper look at all that DUMBO has to offer and why should you buy an apartment in DUMBO. It might have a somewhat silly name but there is nothing silly about how great this area is.
How much does it cost to live in DUMBO?
DUMBO was becoming increasingly more popular a few years ago but its popularity exploded during the COVID pandemic.
That demand for this specific location has meant that the price of living has also gone up. The more people look to move to DUMBO, the more they are charged. It now costs more to live in DUMBO than it ever has before.
According to UrbanDigs, the median sales price market-wide in DUMBO in August 2023 was $1.59M. Supply also showed a 22% decline compared to last year. The median rent for an apartment with one bedroom is about $5,150 a month. If you are looking for a two-bedroom place in DUMBO, you should expect to spend at least $6,800 a month.
As you can see, the price of getting your foot in the door of DUMBO isn’t cheap. But that’s because there is just so much that makes this region great.
Why buy in DUMBO?
Living in DUMBO comes with many rewards. Firstly, you are sure to find a location that is both modern and vintage at the same time. It will be convenient, refurbished, and very trendy too. But there is more than just that that makes DUMBO a part of the city that you should pay attention to and invest your money in.
You will have no shortage of places to eat good meals and wet your whistle when you move to DUMBO. The River Cafe, for example, is high-end and stunning and has provided great dishes for more than 40 years. Ample Hills Creamery is not only a wonderful spot to enjoy some yummy treats but is also a museum too. And no self-respecting New Yorker can go long without a delicious slice of pizza like the type you can get at Juliana’s.
One of the best things about the eateries in DUMBO is that they come with amazing views. Most of the restaurants in the area are just walking distance from the stunning, historic Brooklyn Bridge.
Like in all parts of Brooklyn, you will have great tastes of local culture when you move to DUMBO. The location has been blossoming lately with wonderful places for open mic nights, concerts, book readings, and so much more.
In fact, there are a plethora of things to do in DUMBO and you will always have something fun and exciting on your schedule after moving to this part of town. And one of the best things about DUMBO is that most everything is within walking distance of wherever you are living. And when you are walking from one place to another, you will surely stumble upon countless other businesses and places that you want to visit soon.
Since DUMBO is one of the hippest parts of town, there are a lot of great, small, fun, and unique shops that will keep you busy and happy. From the more high-end to the more quirky and fun, like Natchie, Glam Expressway, and more.
No matter where you shop in DUMBO, you can be sure that you’ll be offered the latest and greatest in fashion and accessories. Additionally, if you are looking for businesses that are more well-known and familiar to you, you will also be in luck because DUMBO has a bunch of companies and brands that everyone loves as well.
DUMBO is now one of the most exciting and sought-after areas of Brooklyn. With that demand comes a high cost, which is all the more reason you should be sure that you’re getting the apartment, condo, or co-op of your dreams. You can do that by calling upon our team at BARNES New York if your dream is to buy an apartment in DUMBO. We have the experience, the expertise, and the skill to find you a home that feels unique and tailor-made for you.